With the crypto market stuck at $2.332T and Ethereum’s recent drop of 7% compared to Bitcoin, this suggests a bearish view. Amid such conditions, the majority of altcoins are painted red with a breakdown of crucial support or reversal with a failed breakout. However, some underrated altcoin gems reveal underlying potential to surge quickly if the broader market improves in the days ahead. So, let’s take a closer look at our top picks of altcoins to buy as the crypto market pulls back.
With the ongoing recovery rally in Solana challenging a crucial supply zone at $185, the buyers await a breakout extension. Undermining yesterday’s fall, the SOL price has increased by 2.49% today, making a bullish engulfing candle.
Furthermore, the daily price action forms a double bottom pattern with a neckline at $185. Adding importance to the overhead supply zone, the recent higher price rejection on 29th July warns of massive overhead supply.
As per the Fibonacci levels, the highly anticipated breakout will pump the SOL price beyond the $200 psychological mark. With the 1.618 Fib level at $223, the altcoin is ready for action. Thus, Solana is a top altcoin you must consider to buy amid this market pullback.
Despite a declining trend in motion, Chainlink sustains above the $12 support zone and reveals an upside potential. Taking lower price rejections from the support zone, the altcoin faces opposition from the dynamic 50D EMA.
Considering that the broader market sentiments will improve in the coming weeks, the DeFi token will likely come back with a breakout. As per the Fibonacci levels, the $16.75 and $21 are the two upcoming resistances for the breakout rally in Chainlink. Thud, the underlying potential in the declining Chainlink, makes it a top altcoin to buy this time.
As the number of active users over the Ethereum layer-2 protocols is increasing, Arbitrum shows massive potential for a bull run. However, following the death cross, the ARB price fails to surpass the 50D EMA and maintains a declining trend.
However, the growing RSI divergence in the daily chart as the recent reversal from the 50D EMA approaches the $0.61 support level. Further, a double bottom reversal is possible in the daily chart.
Thus, the underlying shift in bullish sentiments teasing a breakout run could pump the ARB price to the 200D EMA at $1.11. Thus, the reclamation of the $1 psychological mark with a 63% surge makes it one of the top altcoins to buy amid market pullback.
Also Read: Bitcoin Price Prediction for Q2 & Q3 2024: Will the BTC Price Hit $100K?
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